The mortgage pool backing SEMT 2014-3 is comprised of 462 first-lien
mortgage loans with an aggregate principal balance of $329,946,700 as of
the cut-off date. The mortgage pool consists entirely of fully
amortizing fixed rate loans, all of which have 30-year maturities. The
pool is characterized by substantial borrower equity in each mortgaged
property, as evidenced by the weighted average LTV (69.9%) and CLTV
(70.6%). The weighted average credit score of the mortgage pool is 771,
which is within the prime mortgage range.

KBRA’s analysis of the transaction included a loan-level analysis of the
mortgage pools using our Residential Mortgage Default and Loss Model,
together with a review of the key transaction parties, results of loan
file reviews performed by independent third party firms and review of
the legal structure and key documentation. This analysis is further
described in our U.S. RMBS Rating Methodology.

KBRA is registered with the U.S. Securities and Exchange Commission as a
Nationally Recognized Statistical Rating Organization (NRSRO). In
addition, KBRA is recognized by the National Association of Insurance
Commissioners (NAIC) as a Credit Rating Provider (CRP).